self employed 401k

Submitted by arun parikh on Sat, 2024-09-14 14:16

I am 75.  I opened a self-employed 401k at fidelity in April 2024, based on 2023 contractor income.   The 401k is 30,000.  I have no 2024 earned income, and will not be working anymore. Now, to consolidate and simplify,  I want to roll over the 401k this year, in-house, to my fidelity traditional IRA.  Is there RMD?  

There is no “December 31, 2023 balance”  to compute RMD.  How do I calculate the RMD, if any?  And how to roll over?  Fidelity says I owe RMD, but they don’t know what amount.  They give me the run-around.

Thanks



Submitted by Alan - IRA critic on Sat, 2024-09-14 14:30

Because there was no 12/31/23 401k balance, there is no 2024 RMD. You can rollover the entire balance, usually best done by direct rollover.

You need to talk to a different rep and make sure they understand that there was no prior year balance in the 401k.

Submitted by arun parikh on Mon, 2024-09-16 15:30

thx alan

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